India's foreign exchange reserves up almost $50 billion since July
India's foreign exchange reserves rose over $9 billion in the week ending August 14. Foreign currency assets and gold reserves significantly contributed to this overall increase. Banks received substantial funds through special deposit schemes and borrowing measures.
India's foreign exchange reserves have experienced a significant surge, reaching nearly $716.90 billion as of August 14, 2023, according to data from the Reserve Bank of India (RBI). This increase of $49.975 billion over the past seven weeks primarily stems from inflows into foreign currency non-resident bank (FCNR-B) deposits at local banks.
The foreign currency assets, the largest constituent of the reserves, saw a rise of $7.2 billion to $581.85 billion, making the most substantial contribution to the overall increase. Gold reserves also saw a notable boost, growing by $2.67 billion to $111.41 billion. In addition, Indian banks received approximately $53 billion through the FCNR-B deposit mobilization scheme by August 14, along with $4.5 billion via external commercial borrowing (ECB) and overseas foreign currency borrowing (OFCB).
The RBI has extended the deadline for the FCNR-B scheme to August 31 and noted that a swap window remains open until September 11.
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- India's foreign exchange reserves up almost $50 billion since July economictimes.indiatimes.com
